Information about financial control
Financial Control
Financial control is the process of managing and reviewing financial resources to ensure that they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.
Financial Control Objectives:
Ensuring economic efficiency:
Ensuring maximum utilization of available resources.
Enhancing transparency:
Detecting any suspicious or illegal financial activities.
Ensuring compliance:
Ensuring that institutions adhere to financial laws and regulations.
Maintaining financial stability:
Reducing financial risks and achieving balance in budgets.
The importance of financial control
Financial control mechanisms
- Financial Reporting:
Preparing periodic reports on expenses and revenues. - Internal Audit:
Internally examining financial operations to ensure their accuracy and compliance.
External Audit:
Auditing accounts and financial statements by independent parties.
Risk Management Systems:
Identifying and analyzing financial risks and developing strategies to deal with them.